Oil Rises From 1-Week High as Market Rebalancing Continues - Bloomberg:
"Oil rose from the highest closing price in a week as OPEC said it continues to drain a supply glut and outlined plans for long-term market management. Futures rose as much as 1.4 percent in New York after advancing 4.2 percent last week. The “market rebalancing has gained massive momentum” as a pact by the Organization of Petroleum Exporting Countries and its partners clear a glut, OPEC Secretary-General Mohammad Barkindo said. The countries are looking at ways to “institutionalize” their cooperation beyond the this year, according to the United Arab Emirates. “Prices are likely to continue their recovery as fundamentals will strengthen in coming months,” said Jan Edelmann, an analyst at HSH Nordbank AG in Hamburg. “We now see an excellent opportunity for investors to enter the market.”"
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